Saturday, July 29, 2006
I read some where about minimum wage will be no higher than 5.15 an hour and meanwhile gas prices is going up 3$ a gallon. I feel a year of work at the minimum wage yields 10,712 just above the poverty level for a single person but well below for a family of two let alone three or four. Now let me know what you guys think about it.
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5 comments:
I believe you misread the article; the current minimum wage is $5.15. The House just passed a minimum wage increase, which will bump it up to $7.25 per hour over the next three years.
The increase has to pass the Senate and then be signed by the president before it goes into effect. That may not happen, they included what's called a "poison pill" or something they know that others won't want to vote for -- an almost total repeal of the estate tax. I'm not sure a bill with that in it can get past the Senate, although the president would probably sign it if it did.
$6.15 is the Florida minimum wage, not the national, which is still only $5.15. We have a higher minimum wage than most of the rest of the country.
And think what will happen to gas prices if there is a broader war in the Middle East, where it is believed that 70% of the world's oil resides.
Yes, I guess I should've specified 70% of the world's "cheap" oil.
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